Obama doesn't like to be contradicted.
Once Obama gets done Cat won't be the biggest construction machine manufacturer anymore. That's also part of his plan.
Now Caterpillar finds themselves in the crosshairs once again - this time in the Obamacare bill:
Caterpillar Inc. said the health-care overhaul legislation being considered by the U.S. House would increase the company's health-care costs by more than $100 million in the first year alone.
In a letter Thursday to House Speaker Nancy Pelosi (D-Calif.) and House Republican Leader John Boehner of Ohio, Caterpillar urged lawmakers to vote against the plan "because of the substantial cost burdens it would place on our shareholders, employees and retirees."
Caterpillar, the world's largest construction machinery manufacturer by sales, said it's particularly opposed to provisions in the bill that would expand Medicare taxes and mandate insurance coverage. The legislation would require nearly all companies to provide health insurance for their employees or face large fines.
The Peoria-based company said these provisions would increase its insurance costs by at least 20 percent, or more than $100 million, just in the first year of the health-care overhaul program.
"We can ill-afford cost increases that place us at a disadvantage versus our global competitors," said the letter signed by Gregory Folley, vice president and chief human resources officer of Caterpillar. "We are disappointed that efforts at reform have not addressed the cost concerns we've raised throughout the year."
2 comments:
If I was a betting person I would say that Caterpillar will either be greatly reduced in the size of their operation, or they will close down entirely! Obama doesn't like American competition.
I live in Peoria... Caterpillar's East Peoria plant's parking lots are almost vacant here and, through a 3rd party source who works for a sub-contractor at the headquarters in downtown Peoria, they're setting up to close the Mossville plant, which has had the MAJORITY of it's production shipped to Mexico.
Not looking good. Peoria's city finances are already facing a $10M budget deficit and BIG YELLOW is they're biggest corporate taxpayer.
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